College Students' Motivations for Money and Subjective Well-Being

Abstract

Previous research indicates that, while making money is important to college students, it is negatively correlated with subjective well-being. This study asked 157 undergraduate business and psychology students about the importance of making money, their motives for doing so, and several dimensions of subjective well-being: satisfaction with life, self-actualization, and mood/affect. Making money remains very important to college students. Being motivated to make money was not globally related to subjective well-being, but wanting to make money to help others, to feel secure, and to feel proud of oneself were predictive of happiness or subjective well-being. Motives such as comparing oneself favorably to others, spending impulsively, and overcoming self-doubt were not correlated with subjective well-being. Business students appeared more motivated to make money than other students and also to have more negative affect.